A multimillion-dollar donation by a University of Virginia board member will help low-income students affected by the university's decision to scale back a popular financial aid program. U.Va. Trustee John Griffin gave the university a $4 million challenge grant last week, which he and the university hope will be at least matched by other donors. The money will help provide $500,000 in need-based aid to students over the next four years, as well as help fund an endowment set aside for financial aid.
Last year, the university altered its AccessUVa need-based aid program in an effort to curb costs. Starting this fall for incoming students, U.Va. is going to make some low-income students borrow up to $28,000 instead of guaranteeing them a debt-free graduation as it had in the past. Some said that with the new donation, the university was effectively reversing its decision, which has prompted significant opposition. It's unclear, however, to what extent the philanthropy will be used by the university to cover the bases AccessUVa has.
A university spokesman, McGregor McCance, said the university does not known how many students will receive assistance from the endowment or the value of those scholarships. Nor is it clear how many students will be helped by the $500,000 per year of grants over the next four years. "For some students, this could partially or fully eliminate loans or work study components of financial aid packages," he said.
The university had said it would turn to donors to try to help low-income students even as it was cutting its no-loan guarantee. The cost curbing to AccessUVa will eventually save about $6 million a year.
Still, fans of AccessUVa were pleased. "This announcement is effectively a reversal because before they were cutting grant aid to the poorest students, and now they’re investing a sizable infusion of funds directly back into those students," Mary Nguyen Barry, a graduate who received the no-loan version of AccessUVa, said in an email.
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- MIT moves away from an aid policy in which low-income students don't need to borrow
- Virginia Ends Early Decision
- Pulling Back From 'No Loans'
- Report from higher education research group's annual meeting
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